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Banks pull Aust shares lower

Drew Cratchley

The share market has fallen in a subdued day of trade, with no economic data to influence investors and flat leads from overseas markets.

The major segments of the market - miners and banks - lost ground, offsetting gains by several retailers and industrial companies.

Commsec market analyst Juliette Saly said seasonal factors were at play due to a lack of economic news.

"We're coming to the end of the financial year so a lot of people are moving out of equities, or putting their financial books in order and taking profits, in the last week of the financial year," she said.

Most miners posted small falls, with Rio Tinto dropping 47 cents to $59.53, Fortescue Metals shedding three cents to $4.36 and OZ Minerals losing six cents to $4.18.

BHP edged one cent higher to $36.46.

Most company news came from the retail sector, which drew mixed reactions.

David Jones gained 15 cents to $3.94 after its takeover by South Africa's Woolworths appeared more certain to proceed, as Woolworths' offered a premium for Solomon Lew's remaining shares in Country Road.

Mr Lew is a major shareholder in David Jones and may have proved a stumbling block in the department store's takeover without the offer for his Country Road stake.